Magnora ASA

Earnings Release • Aug 29, 2017

SEVAN MARINE ASA - Second quarter and first half 2017 results

SEVAN MARINE ASA - Second quarter and first half 2017 results

Oslo, 29 August 2017, Summary and highlights from Sevan

Marine's second quarter 2017:

- Operating revenue for continued operations was NOK

13.1 million in the second quarter, up from NOK 12.1 million

in the first quarter 2017. The increase was due to improved

engineering activity in the quarter, and related to work on

the ExxonMobil FLNG, Goliat and Dana Western Isles projects.

- Operating costs decreased by NOK 2.8 million versus

first quarter 2017 to NOK 25.9 million and includes one-off

costs of NOK 3.9 million related to restructuring and legal

fees. EBITDA ended negative at NOK 12.9 million.

- The Norwegian tax office reversed their decision and

will no longer pursue the adjustment of the 2012 tax

assessment. In accordance with this decision, Sevan Marine

has been paid back NOK 32.0 million including interest. A

related accrual of NOK 9.2 million for penalty tax was also

reversed in the quarter, and Sevan Marine is continuing to

pursue the recovery of legal fees incurred with respect to

this case.

- Net profit from continued operations came to NOK

26.8 million for the second quarter.

- Completed the sale of Sevan Marine's remaining 51%

stake in KANFA AS to Technip Norge AS. The net effect of the

transaction was a loss of NOK 9.2 million related to

discontinued operations.

- Sevan Marine is in a solid financial position, with

a net cash position of NOK 179.1 million and an equity ratio

of 90 percent.

"The Q2 figures reflects increased activity for continued

operations and achievement of cost reduction initiatives, in

addition to a successful closure of the 2012 legacy tax

case. Our main focus going forward is to continue developing

relationships with prioritized clients, prospects and

industry segments where Sevan Marine's cost efficient

circular hull design provides superior performance", says

Reese McNeel, CEO of Sevan Marine.

* * * * *

Reese McNeel CEO will today at 10:00 CET (Oslo time) host a

conference call for investors, analysts and other interested

parties.

A Q&A session will follow the presentation and information

on how to submit questions to management will be given at

the beginning of the Q&A session. To participate to the

management presentation of the results, please dial in 5-10

minutes prior to the start time using the numbers and

confirmation code below.

Call in numbers:

Norway: +47 2350 0501

International/UK dial in: +44 (0)330 336 9414

The participants will be asked for their name, company and

confirmation code. The Sevan Marine confirmation code is:

8193144

Presentation material that will be used during the call is

attached and also available at www.sevanmarine.com. The

presentation will be in English.

For more information please contact:

Reese McNeel, CEO, Sevan Marine ASA

reese.mcneel@sevanmarine.com

+47 415 08 186

* * * * *

The information in this announcement is subject to the

disclosure requirements of the Norwegian Securities Trading

Act section 5-12 and/or the Oslo Børs - Continuing

Obligations.

Sevan Marine ASA is specializing in design, engineering and

project execution of floating units for offshore

applications, based on its patented cylindrical floater

technology. Sevan Marine ASA is listed on Oslo Børs with

ticker SEVAN. For more information, please refer to

www.sevanmarine.com.